The SEC does way more good than harm - the last thing I would do is get rid of the SEC...if accounting were thoroughly fixed, a lot of other sins would go away. We're paying a huge price for deterioration of accounting. Charlie Munger More Quotes by Charlie Munger More Quotes From Charlie Munger So, economics should emulate physics' basic ethos, but its search for precision in physics-like formulas is almost always wrong in economics. Charlie Munger ethos economics physics There are always people who will be better at some thing than you are. Charlie Munger people Understanding how to be a good investor makes you a better business manager and vice versa. Charlie Munger understanding vices decision I think the notion...that liquidity is this - of tradable common stock - is a great contributor to capitalism - I think that is mostly twaddle... The liquidity gives us these crazy booms, which have many problems as well as virtues. Charlie Munger crazy giving thinking Tthe first rule is that you can't really know anything if you just remember isolated facts and try and bang 'em back. If the facts don't hang together on a latticework of theory, you don't have them in a usable form.... You may have noticed students who just try to remember and pound back what is remembered. Well, they fail in school and in life. Charlie Munger together trying school The investment game is getting more and more competitive. Charlie Munger investment games Economists get very uncomfortable when you talk about virtue and vice. It doesn't lend itself to a lot of columns with numbers. But I would argue that there are big virtue effects in economics. I would say that the spreading of double-entry bookkeeping by the Monk, Fra Luce de Pacioli, was a big virtue effect in economics. It made business more controllable, and it made it more honest. Charlie Munger vices arguing numbers If you have competence, you pretty much know its boundaries already. To ask the question (of whether you are past the boundary) is to answer it. Charlie Munger answers past knowledge Recognize reality even when you don't like it-especially when you don't like it. Charlie Munger reality You must value the business in order to value the stock. Charlie Munger investing values order No wise pilot, no matter how great his talent and experience, fails to use his checklist. Charlie Munger pilots use wise The world of derivatives is full of holes that very few people are really aware of. It's like hydrogen and oxygen sitting on the corner waiting for a little flame. Charlie Munger oxygen flames people I'm used to people with very high IQs knowing how to recognize reality, but there's a huge human tendency where it may be instructive to think that whatever you're doing to succeed is all right. Charlie Munger knowing reality thinking Remember that reputation and integrity are your most valuable assets - and can be lost in a heartbeat. Charlie Munger reputation remember integrity It's in the nature of stock markets to go way down from time to time. There's no system to avoid bad markets. You can't do it unless you try to time the market, which is a seriously dumb thing to do. Conservative investing with steady savings without expecting miracles is the way to go. Charlie Munger miracle dumb trying The idea of excessive diversification is madness. Charlie Munger diversification madness ideas The first chance you have to avoid a loss from a foolish loan is by refusing to make it; there is no second chance. Charlie Munger second-chance loss firsts If (investing) weren't a little difficult, everybody would be rich. Charlie Munger investing would-be littles Determine value apart from price; progress apart from activity; wealth apart from size. Charlie Munger size wealth progress We try more to profit from always remembering the obvious than from grasping the esoteric. Charlie Munger esoteric remember trying
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